Global gold price today 2023 May 17
according to the international economics desk of Webangah News Agency, citing Tasnim News Agency and Reuters, gold prices fell over 2% in FridayS trading and are on track for their worst weekly performance since November. Increased investor risk appetite due to the trade agreement between the U.S. and China has impacted the gold market.
The price of gold per ounce today declined by 1.12% to $3,203.65. Gold futures prices on New York’s COMEX market also dropped by 1.22%, reaching $3,187.20.
Washington and Beijing announced a 90-day truce in their trade war last week while working on details to end it.
As a result of this agreement, the three major Wall street indices rose, reflecting heightened investor risk appetite after a prolonged period of instability.
Gold has consistently served as a safe haven during economic and geopolitical uncertainties,benefiting from low-interest-rate environments.
Simultaneously occurring,slowing U.S. inflation growth alongside weaker-than-expected economic data has increased expectations for Federal Reserve rate cuts this year.
The markets anticipate two rate cuts by the U.S. central bank in 2025, with the process beginning in September.
Amon other precious metals, silver prices fell by 1% to $32.35, while platinum traded at $991.44 with a 0.28.28% decline.
